Leh, Oct 7: Tourism stakeholders in Ladakh have urged the Union Territory administration and banks to provide additional financial relief following violent incidents in Leh on September 24, which disrupted the tourist season and caused severe economic losses.
The All Ladakh Hotel and Guest House Association, All Ladakh Tour Operators Association, Leh Cooperative Taxi Ltd, and other transport unions jointly wrote to the Union Territory Level Bankers Committee (UTLBC), requesting urgent measures including interest subvention on moratorium periods and comprehensive loan restructuring.
The unrest, sparked by protests demanding statehood and Sixth Schedule status for Ladakh, left four people dead, scores injured, and prompted curfews and internet restrictions, further worsening the financial strain on tourism-dependent businesses. Stakeholders said the situation, compounded by the approaching winter and seasonal shutdowns, threatens the livelihoods of thousands relying on tourism, which sustains over 70% of the region’s economy.
While appreciating the finance department’s September 19 notification declaring Ladakh an “affected area” under RBI relief measures and the subsequent one-year moratorium extension, tourism players stressed that interest accrual during this period adds to borrower stress. They demanded interest-free moratoriums and mandatory restructuring of all tourism-related loans without penalization or classification as NPAs, ensuring continued access to credit and protection of CIBIL scores.
The stakeholders urged the UTLBC and financial institutions to expedite the final relief package to safeguard livelihoods and prevent long-term economic damage in Ladakh. (Agencies)
